Archive for August, 2014

NaMo Crosses Fault Line

August 29, 2014

Congratulations to NaMo @PMOIndia :

Very encouraging, ambitious, launching of really people’s service oriented scheme by center-rightist and crony capitalist Prime minister Narendra Modi . He crossed successfully the doubt-fault line expressed by me in previous Facebook, Google+ and Twitter posts.

Government of India will reimburse the initial operating costs. That is fine. Few select banks started a sort of insurance linked savings bank accounts. Many account holders stopped paying premium on their previously held policies. Banks withdrew from the scheme without notifying the account holders rendering them without any cover. The real problem will start when all ‘Pradhanmantri Jan Dhan Yojana’ bank account holders start availing overdraft facility.

As such as a middle class savings bank account holder since 1962 I could never get this facility. Why? Prime Minister and Finance Minister should scratch their head.

Thousands of genuine savings and current account holders are stressed by strict KYC norms demanded by bankers to be fulfilled. i am at loggerhead with RBI on this particular issue. What will Mr.Raghuram Rajan and i do with a number of replies I received from RBI?

Will a self attested copy of Aadhaar Card do as that has been done at the launching of the scheme? Will RBI stop hammering the co-operative banks and their current account holders for non compliance of more than one KYC norms? In these cases account holders submitted voter card, PAN, residence proof, electricity bill and VAT/ST number where it was applicable to have those numbers. Small/medium traders having annual turn over of rupees five lakhs or less are not required to have VAT/ST number. In those cases also co-operative banking division of RBI asked respective co-operative banks to fulfill KYC norm for VAT.ST number. None of the account holder was a defaulter in maintaining the account.

Now I urge Govt. of India and RBI to issue fresh instruction to all banks including co-operative banks to waive all pending perusal of KYC norms .Banks can not treat their valued ,regular customers on altogether different footings.

I am not against the benefits being devolved to the needy.At the same time banks should treat all customers at par and henceforth give overdraft facility to all savings bank account holders. Thereby the banks should treat all cases of breach of minimum balance closed and honour the cheques with deficient balance within the limit of five thousand rupees as the overdraft facility availed. Banks should revive all savings and fixed deposit bank accounts closed during last twenty five years for not fulfilling KYC norms.

NaMo has crossed the fault line in real sense. Indian Economy is all time debtor economy. i am yet to see India as a real creditor nation. When countries like USA and UK have become debtors due to their populist and center-left measures what will happen to all time debtor/beggar India?

With NaMo’s fad for China I fear China will be the Communist Creditor (Bank) of a new valued debtor,Democratic India . India will soon join the USA, the Capitalist Debtor of the Communist China.

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Numero Uno PIL Crusader

August 26, 2014

Numero Uno PIL Crusader:
History of India’s Judicial Freedom is incomplete without Justice Jag Mohan Lal Sinha ,Raj Narayan, Shanti Bhushan, Prashant Bhushan, Subramaniam Swamy.
Justice Jag Mohan Lal disqualified Indira Gandhi. I had the rare opportunity to meet advocates on both sides.Indiraji’s one of the advocates happened to be my friend’s father.Shanti Bhusan was Raj Narayan’s advocate. I met him through raj Narayan,George Fernandes and Madhu Limaye. Those were the days when Indiraji used to defend Morarji Desai and Morarji Desai used to defend Indira Gandhi.
Come what may, ill to-date Shanti Bhusan never defected. Prashant Bhusan is his son.
Today Prashabt Bhusan and Subramaniam Swamy are only two lawyers who have dared to challenge powers that may be on issues pertaining to misrule of /by executive, legislature and judiciary. YES, judiciary is often worse than executive and legislature. Justice (retd) Katju by his explosive exposures has strengthened my belief. he can not be a third lawyer in the league of crusader because he is the chairman of the Press council of India. Justice Katju spoke loudly about ills of judiciary but he is deaf and dumb about the issue very close to his present duties .He kept mum about the take over of TV18 and NW 18 by Mukesh Nita Ambani through his number of dubious piggy companies ostensibly subsidiaries of RIL. The impugned take over was okayed with overt and covert blessings of the Competition Commission of India within jurisdiction of ministries which are in turn directly under control of NaMo @PMOIndia !
Maverick Subramaniam Swamy will not utter a word about it because he is not independent now. He is a BJPite waiting for loaf and sop from his master @PMOIndia !
Now that will be another agenda for Arvind Kejriwal and Prashant Bhusan !
Let us wait for honest opinions or learned calculated silence about Independent Media Trust and its new acquisitons TV18 & NW18 from Justice (retd) M.Katju and Subramaniam Swamy.

We congratulate the country on the Supreme Court verdict on the Coal Block Allocation Scam. This perhaps wouldn’t have been possible without the efforts of Prashant Bhushan, the PIL Crusader.

Also, note that the verdict has revealed that Congress and BJP are nothing but two sides of the same coin.
#CongressBJPBhaiBhai

Photo: We congratulate the country on the Supreme Court verdict on the Coal Block Allocation Scam. This perhaps wouldn’t have been possible without the efforts of Prashant Bhushan, the PIL Crusader. Also, note that the verdict has revealed that Congress and BJP are nothing but two sides of the same coin. #CongressBJPBhaiBhai

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Serious NaMo@PMOIndia

August 22, 2014

NaMo @PMOIndia is very serious about :
1. Defense priorities
2. Border roads priorities
3. Facilities of armed forces stationed in
Siachin,Leh,Ladakh,Kashmir,Arunachal,Nagaland,Manipur,Sikkim
4. Building up BJP in Jammu and Kashmir
5. Fulfilling requirements of Navy and Air Force
6. Acquiring self sufficiency in defense research and production
7. Winning over neighboures
8. Reaching America and impress all in a grand manner
9. Continuous media projection of his image (seems to be paid)
10. Continuous media projection of negative sides of Sonia Gandhi ,Rahul Gandhi (seems to be paid)
11. Avoiding hostile media
12. Stonewalling RTI applications
13. Installation of pliable judges everywhere
14. Hooting and booting of chief ministers of opposition parties and few select leaders of BJP
15. Downgrading and demeaning of most of BJP leaders
16. Protecting and enhancing interests of unscrupulous elements like :
A. Mukesh Nita Ambani and RIL
B. Robert Vadra
C. Corrupt medical mafia of AIIMS & clout of Dr.Ketan Desai
D. Advancing agenda of power corrupt Nadda, Dr.Harsh Vardhan, Saurabh Patel,Parimal Nathwani,
certain PSU banks’ chairpersons, SMC corporator Kishor Bindal, Diamond traders involved in
land grabbing, Afzal Fatta
17.Changing all laws and regulations which inhibit progress of doubtful companies like RIL, Adani,
Essar and othe Indian and foreign companies.

Exclusive! ‘Modi has taken his job seriously in letter and spirit’

http://www.rediff.com

‘Modi as the PM of the country has to take everybody on board and deliver on good governance. That is his responsibility. In…
.

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NaMo’s Life

August 21, 2014

Accept the Best:
NaMo’s Life :
Live simply ,observe every thing, eat less, sleep optimum,, study all ,listen to all, do not copy all blindly,paste few thoughtfully, accept the best and act individually.

Congressmukt India via Congressyukt BJP

August 21, 2014

Sadanand Dhume wrote about the last Gandhi ,Rahul Gandhi and wasted the space given to him by Foreign Policy. Instead of edited compiling of works by others he could have come with concrete suggestions based on his ‘in depth’ study of India’s politics and family of Nehru-Gandhi. Congress though adopted leftist policies at Awadi Congress,very few leaders were real socialist or leftist. Most of them were/are hypocrites whose dual life was/is known to every Indian. With exception of a very few select congresspersons they were/are rightists in nutshell. Except the colour of the flag and names of leaders what is the difference between members of Congress and BJP? For them honesty ,integrity, transparency, simplicity, nationalism, patriotism are words meant for text books read by none. NaMo @CMOGujarat read through this and with all the risks of a vertical split in BJP, he spearheaded Aurangzeb Type Snatch the Power revolt against his principal mentor L.K .Advani. In Sultanat e Mughalia, father Shahjehan vanquished in prison, in Sultanate e Bhajapiya the godfather seats in Lok Sabha ! there was no split, vertical or horizontal, in BJP. NaMo’s stint @CMOGujarat started making CongressyuktBJP. It was a clever albeit unethical move in the wake of his crusade against Corrupt Congress. For him and his right & left hand, Amit Shah,Congress was/is corrupt, not the Congresspersons howsoever corrupt and criminal may be. Instead of making Bharatiya Janata Congress, LH duo of BJP made Congressyukt BJP.

Fate of Congress is certain. What Nehru did at Awadi to break socialist and communist parties ,NaMo preferred/prefer hijacking prominent Congresspersons (with or without corrupt and criminal history) to adopting politiconomical philosophy of Congress. INC has as such no such philosophy. Nehru-Gandhi word is all that congress and congresspersons have to offer. In reality,Nehru-Gandhi family has nothing but Ahmed Patel !

BJP and LH of BJP must thank Ahmed Patel for systematic destruction of opposite party.

After the complete rout in the forth coming assembly elections, LH will have to undertake ‘the great purge’ or ‘purification’ or ‘shudhdhikaran’ by making Congressmukt BJP.

Congressmukt BJP will have BJP free from original BJPites who won as MPs,MLAs due to NaMo Tsunami or in the name of NaMo.

After NaMo? Narendra modi has no family to foster , India and Indians constitute his only family.

All should help him in fastening the BJP belt through out India. Be a watchdog for him and against him. If we fail, we are sure to get finished as a nation.

Mission Kashmir Possible

August 20, 2014

It is true that people of Jammu and Kashmir are fed up with previous corrupt governments. Main players in the valley are National Conference, PDP, Congress and break away sections three parties. The money granted every year by central government has percolated mainly to leaders, bureaucrats and separatists .The insurgents, separatists, military on both sides of LAC/LOC, intelligence agencies ,contractors, local politicians have special interest to keep problem of Jammu and Kashmir militancy evergreen. Select politicians in New Delhi are interested and connected with this strategy. Pakistan High Commission is a place for logistic support of militants and separatists.
This Economics of Insurgency is well known and above statements ,though general, are not away from facts and truth.
BJP Chief Amit Shah’s strategy is full proof but he has missed the economics involved during 1947 to 2014. Central government has till now not bothered to check the bank accounts, transactions ,properties in J & K as well as elsewhere in India and abroad. Almost all known players have properties not in proportion of their incomes and profession. They should not be booked lest they say that they are made scapegoats. They should be exposed thoroughly. Narendra Modi’s election speeches were projected on screen. Likewise the details with photographs , video clips, audio tapes should used and projected in public to expose these leaders . That will make every leader nervous and they will be on defensive. Their majority of time will go in explanations. National media should help in such exposures.
The moment these elements are exposed their supporters in Pakistan specially ISI, police and politicians in POK – Pakistan Occupied Kashmir will provoke our forces and on failure they will start cross border infiltration and firing on larger scale. They will do it. That is very certain, because, a pliable corrupt government/s at New Delhi and /or Shrinagar is/are their prime need for survival of the issue.
BJP government when installed at Shrinagar can complete the legislative part of Article 370. No one can challenge it. There was a favourable time in the past when this could have been achieved. It was not done so. Why? Government/s in New Delhi and leadership thereof desired to see Jammu and Kashmir militancy to continue. Weakness is in New Delhi. It is of no use blaming Pakistan & separatists always. Few select powerful too wanted it that way.
NaMo@PMOIndia can verify my statements with General (Retd.) V K singh. If he disagrees with what I say I am open to correction.

Disposable Seekers

August 19, 2014

Hello World,

Few select individuals claiming credits for creating favourable atmosphere in media for NaMo and BJP have exposed their real agenda. Attempts of creating anti-Modi wave have failed poorly. Not only at home front,but also they resorted to this exercise at international level. RIL’s Paid agents are in limelight for misleading American and Indian investors and shareholders. Now a new tribe of ‘intelligent idiots’ has emerged. They do not want to give any breathing time to NaMo @PMOIndia and his government.They are not well wishers of india. their loyalty is towards their masters who in no case constitute India. they along witheir masters are DISPOSABLE ITEMS to be used and thrown away.

This has reference to The Indian Express, international edition,volume XV No.09 ,August 15,2014 ,Page05 ,Big Story :” Are some people disappointed with Modi ?’ with dateline New Delhi ,a contribution by “our bureau”:

My analysis is as following :

Arvind Panagaria ,US based economist ,R.Jagannathan, editor @ Firstpost.com, Pratap Bhanu Mehta and Bibek Debroy are not happy with NaMo @PMOIndia’s performance and their disenchantment has started prematurely. Their and their masters’ honeymoon with NaMO and BJP is over.

They took election promises of ”acche din” very seriously and expected NaMo to deliver as soon as Arun Jaitley represented his maiden budget. That shows how mature these gentlemen are.

Arvind Panagariya may be a good professor and a doctoral guide. He is nothing more than an arm chair economist miles away from ground reality in India. He is a non -indian or say un-Indian NRI. He is good where he is. He should stop sending advisories and prescriptions on problems in India.He is good for nothing for India and Indians.

Pratap Bhanu Mehta is also a theory man good for writing a research paper and article. Without funds he will starve.

R .Jagannathan is editor @Firstpost.com. Who owns Firstpost? Who gives him monthly salary? Is it not IMT , a subsidiary of Mukesh Nita Ambani’s RIL? Who financed NaMo and BJP with enormous black money earned from crude and gas? Why this gesture by MN Ambani? What for?

Now NaMo is not CM NaMo, he is now a different NaMo @PMOIndia. Any gesture to help any unscrupulous industrialist will start his return journey soon. NaMo ,BJP and RSS can not afford it. There is a dictum of “USE and THROW”. For RIL, Mukesh Nita Ambani or any one in FICCI , ASSOCHAM and India Inc.NaMo is now nonnegotiable. If these critics continue to sing their masters’ songs, people of India will not tolerate. NaMo has to treat RIL and Mukesh Nita Ambani as disposables or say dispensable items to be thrown away after use. RIL,RGTIL and Mukesh Nita Ambani treated land owners as disposables and using ever ready to be RIL/RGTIL compliant government and law agencies in states where RIL has invested since its inception and where RGTIL gas pipe line is laid refrained from compensating thousands of agricultural land holders. Nemesis waits them. NaMo and india thank them for helping NaMo to become @PMOIndia. Thanks a lot . Now your need and/or advice is not solicited. So get lost or be prepared to face laws and law enforcement agencies of the land that is India. It they are managed by you and your agents,people of India are waiting for you and those who help you.

Bibek Debroy should also understand that writing a book or participating in a live TV debate does not make him indispensable for/to NaMo @PMOIndia.

All these columnists and writers need not think that they decide NaMo’s agenda. He survived for more than ten years without their or MY support. He will survive. He has to survive. India-centric Indians are innumerable . They will support NaMo unto last provided NaMo sticks to the line, “India First and India Last.”
Show less

– The Indian EXPRESS North American Edition

urlm.co

Top Black Rot

August 18, 2014

Hello world,

With installation of a majority government at center, India has a chance to revamp everything. Rajiv Gandhi had such a chance but except few well thought of innovations he implemented the opportunity was wasted. Despite all shortcomings and fluke nature of electoral victory, Narendra Modi is well placed to implement major reforms in all sectors. If he fails, India will be on the way to become a real banana republic. There are many forums suggesting “do and do not do this and that”. India-centric forces should unite to speak bluntly and loudly what they think the best for India.

Sucheta Dalal is a journalist with an erect spine. She has started highlighting ills in economy. She is a miser in using words in her criticism. She wrote an article , ” Rot at the Top ” in Money Life dated August 18,2014.

I tried to read between the lines.

Without mincing any words and with prejudice to none I simplify her worries without the fear of retaliation or retribution. We have reached a stage of zero tolerance. There is undeclared censorship of Narendra Modi and his government. Media is almost held at ransom. The fear of retaliation and retribution is omnipresent. The forces behind Narendra Modi and his victory are more of financial and less of populist.’ NaMo tsunami’ was a media creation. If that was/is,why should NaMo have selected only winnable candidates instead of qualified and highly qualified candidates? No doubt , winnables won and now they constitute his C team which is very poor ,renegade and criminal. He has not been able to appoint worthy ministers and he has to do work and overwork himself. Broadly speaking he is at the mercy of bureaucrats. He is at the mercy of his MPs too!. Why? If they fail to behave and remain ‘minimum corrupt’ , NaMo’s return journey will start soon. To prevent that he will have spy and snoop every MP of his party ! Here comes Independent Media. Majority of media houses are aligned or owned by this or that ‘HOUSE”. Every successful industrialist, land organizer, builder and the one who aspires to be a public figure has PRESS. This press is used for all sorts of blackmailing and black deals. Media which created ‘NaMo tsunami’ feels heat. Why? it can not sing ‘goody goody’ songs for ever. Hype is over. NaMo’s Reality Distortion Fields have disappeared. Reality is not rosy. Political and governance power acquired demands performance.

Real problems start here. Why? Crow is a crow and sheep is a sheep. Wheat and rice can not be made out from grinded stones. NaMo and his government want media to believe what they say ! The truth is contrary to it. NaMo and his supporting financial forces have now an alternative in Independent Media Trust,the owner of TV 18 and NW 18. Till July-August 2014 there was total freedom of expression on Internet. Now NaMo has TV18 and NW 18 to screw up the rest of the erring media.

Competition Commission of India did not see any infringement in level playing fields. Till now The crows and the sheep in media enjoyed all benefits in cash and kind from NaMo and forces behind him. They feel uncomfortable now.Now they are not the only one to create any tsunami.There will be a competition and that will not be fair in any manner.

The encroachment on Freedom of Speech and Freedom of Expression started long back. National Emergency is not political.It has come via physical and legal forces. Dinanath Batra and persons alike have forced and stalled publication of many books representing counterview. They not only use physical force but also use legal arms. Laws of the land, their implementation and interpretation have always been invariably in favour of forces having financial power. Long back Supreme Court of India stayed the release and sell of “Polyester Prince” written by an Australian author. Indian Judiciary is not a level playing field for anybody.

Now the incomplete task of censorship is complete.

NaMo is most likely to be used by unscrupulous forces. In the utmost desire of preserving political power which has come as a windfall and by fluke he will succumb to his supporters’ pressures.

Sucheta Dalal and others with erect spine and intact mind have ,time and again, reflected and exposed ills in our system.

I feel fortunate to continue their Mission Impossible .

The rot starts in PMO, percolates to ministry of finance, CBDT and into every bank’s board of directors. RBI and SEBI howsoever persist for law compliance they are rendered helpless. As it is mentioned by Sucheta Dalal one of the major beneficiaries of major scams happen to be senior advocates of SCI and high courts having right and meaningful connections with PMO and MoF. Abhisek Manu Singhvi is not the only one. Kapil Sibal,Arun Jaitley and Ram Jethmalani are on record of having served prominent law breakers. The list of such lawyer beneficiaries is long and include members of present Union Cabinet.

Chief Justice of India (retd) Balakrishnan was one of the beneficiaries in a case involving Mukesh Ambani and RIL. The judgment delivered in that case is the most inglorious one in the judicial history of India. It was a sort of a pen drive judgment prepared under the spell of so called looming doomsdays on Indian Economy. As if India was to get bankrupt on revelations of every minor detail involving RIL and Mukesh Ambani. Lest the SCI took the trouble of referring to the ban order on ‘Polyester Prince’ and bothered to go through the pages of ‘Polyester Prince’ which have proved beyond doubt the relevance of its contents.

The growing menace is of MPs representing this and/or that corporate house.As of today, how many corporates have their agents posted either in Lok Sabha and Rajya Sabha? RIL has Parimal Nathwani.Vijay Mallaya was/is one of them.

The practice of 60:40 is one of the major cause of our scams/frauds. 60% means Amul White Money-accounted mouney and 40% is Black Money, under table money, unaccounted money. Everywhere 60:40 prevails. 40 % of evey deal/transaction , howsoever small or big ,contributes to generation of Black Money. It started from August 15,1947. The maximum of Black Money is with polticians (no one is spared),bureaucrats, judges,advocates and the citizens above BPL or above minimum IT paying slab.The cry for getting black money from abroad is just to cheat people of India and provide periodical entertainment to media.The maximum black money is not outside India. It is in/within India. It is everywhere. Everyone knows it and use it at every step in corruption. Why no one is interested to make all deals/transactions to be 100% law compliant instead of present 60:40% ? the cleansing of our economy will be automatic. Is it possible? Amrtya Sen, Jagdish Bhagwati and Panagaria are non-Indians or say they are un-Indian NRIs. they think of big things only. The real big issue is not an issue at all for them. They and their suggestions or prescriptions should be summarily dismissed and they should be told point black to avoid sending advisories to India and Indians. They are better where they are. We know our problem and we know how to solve them.

NaMo is installed as @PMOIndia due to black money. Everyone knows it. Who spent it and why? How can NaMo @PMOIndia eradicate black money.There are many ways, provided he wishes and Arun Jaitley permits. Let the government invite public opinion and let the government change the ‘control habit’ and allow RBI and SEBI to function independently.

Reference material:

I quote,

“Moneylife » Rot at the Top

Rot at the Top
Bankimchandra Desai
Ramesh B Mhadlekar
Prem Bajaj
Viswanathan S N
Veeresh Malik
13 comments

+ COMMENT

Sucheta Dalal | 18/08/2014 12:42 PM |

The government-owned banks are plundered routinely and bailed out periodically. But RBI, SEBI and ministry of finance remain unaccountable and unconcerned

The arrest of SK Jain, chairman and managing director of Syndicate Bank, has sent shockwaves through the banking and corporate world. The Central Bureau of Investigation (CBI) accuses Mr Jain of allegedly taking a bribe of Rs50 lakh for increasing the credit limit of some companies in violation of banking rules. One of the beneficiaries was apparently Bhushan Steel whose managing director Neeraj Singhal has also been arrested.

CBI followed up the Syndicate Bank case by launching a preliminary investigation into IDBI Bank. The Bank sanctioned Rs950-crore first-time loan to Vijay Mallya’s Kingfisher Airlines Ltd when it already had a negative net worth.

CBI’s actions have caused all lending institutions to tighten the screws on borrowers. Fear is running high because nobody knows how many more phones CBI is tapping. But will it lead to a serious, long-term clean-up that includes a focus on political corruption, top appointments at nationalised banks? Let’s take a look.

The Reserve Bank of India (RBI), the banking regulator, until recently, remained content with issuing warnings about burgeoning bad loans. RBI governor, Dr Raghuram Rajan, in his early days in office, was more concerned that inquiries by the Central Vigilance Commission (CVC) that prevented bankers from functioning effectively. Is he now convinced that the bigger problem with Indian banking is the rot at the top?

Dr Rajan recently announced that he is working with the Securities & Exchange Board of India (SEBI) to prevent wilful defaulters from accessing the capital market. We remain sceptical about this, for several reasons.

First, it took five years for SEBI to bar B Ramalinga Raju and four others from the capital market for 14 years. Its order asking them to repay Rs1,849 crore is rather meaningless, when you recall that this is a straightforward case where Mr Raju confessed to the fraud only because he had no money.

No forensic investigation has thrown up a clue about where this money went, although the corporate grapevine is sure that funds were diverted to Maytas (Satyam spelt in reverse), a group company, that was on its way to becoming a real estate and infrastructure giant.

Second, we drew a blank when we tried to find out whether RBI was inquiring into the dubious Rs9,000-crore corporate debt restructuring (CDR) package to the politically powerful Lanco group. Our Right to Information applications were stonewalled. If pepper-spray Ladagapati Rajagopal (a member of parliament) fails to borrow more, it will probably be because his clout with the Congress leadership is irrelevant today. That is, probably, why he has been forced to sell his power plant to Adani Power recently.

If RBI were really serious about the quality of lending, it also ought to keep a watch on the mega-borrowings of two other groups—GVK and GMR. Instead, the chairman of the GMR group is on RBI’s central board of directors.

Another Hyderabad-based family that remains unscathed is that of the Reddys of Deccan Chronicle who faced allegations of forging documents to raise Rs170 crore from Future Capital. Is the case buried? Or is SEBI doing another slow investigation that will lead to meaningless action in a few years from now?

Then there is the flamboyant, Teflon-coated, Vijay Mallya, who joyously tweets about sporting events, while his bankers stew. Media reports say that Mr Mallya may, finally, be declared a wilful defaulter, but nobody reports why bankers have yet to invoke his personal guarantee. Remember, Mr Mallya went to court and won the right to pocket a guarantee fee, running into crores of rupees. He is in court again to stop United Bank of India (UBI) from declaring him a wilful defaulter. This is yet another example of how the powerful in India—whether government agencies or individuals—tie up matters in endless and, often, frivolous litigation and claims. They also get a patient hearing from the courts because of their ability to hire an array of ‘eminent’ (read expensive and politically powerful) lawyers.

Supreme Court Justice JS Khehar recently observed, with some anguish, that there should be “consequences to fighting on after having lost in every forum” causing a “direct loss to the nation” in terms of cost of litigation and waste of the court’s valuable time. This applies to Vijay Mallya as well.

The rot in nationalised banks is at the top and starts with the deal-making that precedes top appointments. RBI cannot avoid responsibility for poor supervision either. But it has remained strangely unembarrassed about the fact that bank officers and employees’ unions seem more concerned than RBI about escalating bad loans that threatening to turn banks sick. Bank unions have repeatedly pointed out that bank chairpersons get away scot-free, despite the worst kind of corruption leading to bad loans.

In 2010, I wrote, “…most of us were seriously shocked to discover that Central Bank of India’s former chairman & managing director HA Daruwalla would not be punished after a series of proven corruption cases.

Although charges against Ms Daruwalla were proved, all she got was a ‘letter of displeasure’ and only then did we discover that there are no provisions to hand out stiffer punishments to bank chairmen (except removal from service) who allow banks under their charge to be looted.”

An RTI activist also uncovered the fact that Central Bank of India spent Rs70 lakh in defending itself against a whistleblower, of which nearly Rs50 lakh went to the Supreme Court lawyer Abhishek Manu Singhvi who was the Congress spokesperson. Nothing has changed since then.

Cut to February 2014, when Archana Bhargava, chairperson of UBI, was allowed to take voluntary retirement under Dr Rajan’s watch. Not even a letter of displeasure was issued to her. In Ms Bhargava’s case, the Bank bounced back with improved financial results, immediately after her controversial exit, vindicating the allegation of senior bankers that she was deliberately and recklessly suppressing its performance. An inquiry revealed that she had bagged the post due to her political clout, despite a record of previous transgressions and investigations.

This history makes us sceptical about a clean-up action. In 2012, writing in Moneylife under the pen-name Gurpur, a senior banker, said, “NPAs have to be taken seriously because loss-making banks are inevitably bailed out and capitalised with the taxpayers’ money in India. There is another major issue that most analysts miss—banks are allowed large write-offs against NPAs which reduce their tax liability. Lower taxes paid means fiscal stress that has to be borne by taxpayers either as inflation or by higher tax rates.” Finally, taxpayers have to bear the cost of frequent recapitalisation of banks that happens without fixing accountability.

Let me end by pointing to the futility of corporate governance rules which are revised every few years. Every new scam exposes the hollowness of disclosure and compliance requirements. Satyam Computers failed, despite a glittering board, while Bhushan Steel was able to borrow a stupendous Rs40,000 crore (it is the country’s most indebted steel-maker), despite the most lacklustre board. It does have a former chief election commissioner in Brij Bihari Tandon, but the rest are faceless accountants and lawyers. MV Suryanarayanan, a former nominee of LIC, has clearly become so close to the company that he is now an ‘independent’ director.

In Syndicate Bank, a father passed on his directorship to his young daughter like a family right. That may only change because the new government will want its own appointees on bank boards. As for the middlemen in the Syndicate Bank episode their well-known shady past only requires a Google search.

The new Companies Act places onerous responsibilities on independent directors with serious consequences for failure. But the ministry for corporate affairs probably needs to be reminded about its new powers and prodded to act on them for public good.

Sucheta Dalal is the managing editor of Moneylife. She was awarded the Padma Shri in 2006 for her outstanding contribution to journalism. She can be reached at sucheta@moneylife.in ”

I unquote.

Will NaMo Crucify People of India ?

August 18, 2014

11 August · Edited
Bankimchandra Desai
Shared privately – 11:32 AM
#India

Will NaMo Crucify People of India ?
First I quote the report’s last paragraph’
I quote ,
“According to industry estimates, every $1 rise in the price of gas would add Rs 3,000 crore to the net profits of public sector undertakings and Rs 2,000 crore to those of RIL, Cairn and other private sector companies annually. It would, however, hit the power and fertliser sectors. For every $1 rise in the price of gas, the fertiliser subsidy is expected to rise by Rs 3,155 crore and the power sector’s losses would soar by Rs 10,040 crore a year.”

It is a simple calculation.
To get Rs.3,000 crores for PUCs of GoI, we will lose
Rs. 3155 crores + Rs.10,040 crores = Rs.13,195 crores .
just to give benefits worth Rs.2,000 crores to RIL and Cairn etc.

Prime questions are:
(A) Who owns gas and oil fields ?
(B) Who are owners, investors, developers and ultimate beneficiaries?
(C) Are these private players in bad debts?
(D) Are these private players honest with/to their investors and shareholders?
(E) Who owns the majority shares in these companies?
(F) Why people of India should bleed to benefit blood suckers represented by few families ?
(G) Why should not these gas and oil fields be nationalized ?
(H) Why should not SCI understand this simple calculation?
(I) Why should people of India suffer due to inadvertent obligations arising from improper and illegal
give and take of players of UPA 2 and BJP governments with these private players?
(J) Why should not people of INDIA AGITATE peacefully?

Reference:
Gas price to be finalised after Parliament session ends
http://www.business-standard.com
Officials say government wary of PIL filed in the Supreme Court by Gurudas Dasgupta and Prashant…
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Promise Valid For 1001 Days

August 16, 2014

Promise Valid for 1001 Days.

Dear Raj Nath Sinhji,

Man, that is the real sportsmanship. If every leader thinks and acts like this, many problems will cease to be problems. i might have criticized you in the past, but, as the home minister of India this has to be and should be. After so many years we have got a mature and ‘responsible’ home minister. I wish BJP could have many MPs like RNS** lest the candidates would have been selected on the basis of qualifications rather than their winnability. NaMo* and you i mean RNS have a very poor C class team. Captain and vice captain have to play a lot and coach every member of the team, the most of which are renegades and criminals. It is ironical that Home minister has first to manage his home stable for full term. He will have to spy/snoop them to scan their activities and all deals involving 60:40*** in the name of collection of party funds and in majority of cases in the name of NaMo. RNS will have to assign this responsibility to “non seekers”****in every district. They should operate in cognito. In no case their identity should be revealed.

There is case of Director of CBI attending a marriage reception held by a so called front ranking diamond merchant. This unscrupulous diamond merchant and that CBI Director brought down the agency’s prestige and credibility to the lowest. That diamond merchant is a BJP donor and has utilized CBI Director’s favour to enhance own professional and unprofessional gains.

From my own experience i assert that MHA and PMO have been the weakest spots for last twenty five years. The decay in other ministries, departments and agencies start from those ‘moles’. NaMo and RNS need to take note of it. The example cited is to highlight how our citizens and high ranking officers conduct themselves.

Really a very difficult task is ahead of NaMo and RNS.

On my part I promise that my cadres in 219 districts will not complicate government’s job. They will work towards your success. They have worked very hard to install a majority government at New Delhi. In a broad sense they are all students of Doctor Saheb , Guruji and Laxmanrao Inamdarji. They are not the cadres of RSS or BJP. They do not take Nagpur in cognizance. They all are non-party India-centric cadres.. They are all non-seekers and highly qualified professionals having own financial resources. None of them will associate with governments’ efforts. For 1001 days NaMo and RNS have their silent support. If NaMo, RNS and government are at fault, I will criticize them very severely at every step. Moratorium is for 1001 days. After that wheels of a silent revolution will start.

Why? That is in India’s interest. For us all, India is THE FIRST and THE LAST priority.

*Narendra Modi
** Raj Nath Sinh
*** 60 % of every deal by accounted money ( Amul white Rupees)
40% of every deal by unaccounted money ( Black money)
**** non-seekers are persons who do not seek any benefit and do not crave for any position anywhere.

UNBIASED COOPERATION: Union Home Minister Rajnath Singh said that the government would rise above party politics and cooperate with all states, including Uttar Pradesh, India, on development | http://iexp.in/NRd105250